(AP Photo/Gerald Herbert)In this April 21, 2010, file aerial photo the Deepwater Horizon oil rig is seen burning in the Gulf of Mexico more than 50 miles southeast of Venice, Louisiana. The rig explosion killed 11 workers and led to the massive Gulf of Mexico spill.

NEW ORLEANS (AP) -- A federal judge in New Orleans says he is "leaning in favor of" giving his preliminary approval to a proposed class-action settlement that would resolve billions of dollars in claims against BP over the 2010 oil spill in the Gulf of Mexico.

U.S. District Judge Carl Barbier said during a hearing Wednesday that he plans to rule within a week on whether to preliminarily approve the deal. Barbier would hold a "fairness hearing" later this year before deciding whether to give his final approval.

The deal between BP and a team of plaintiffs' attorneys is designed to resolve more than 100,000 claims by people and businesses who blame economic losses on the spill.

BP estimates it will pay about $7.8 billion to resolve these claims, but the settlement isn't capped.